Mark your calendar for Mediaweek, October 29-30 in New York City. We’ll unpack the biggest shifts shaping the future of media—from tv to retail media to tech—and how marketers can prep to stay ahead. Register with early-bird rates before sale ends!
Automotive media company Motorsport Network has recently unveiled a number of new expansion initiatives after being acquired last June by billionaire Gary Fegel, part of a broader bid from the organization to capitalize on the growing global interest in autosports.
Since February, the company has hired a new president, chief operating officer, senior vice president of marketing and senior vice president of sales, none of which have been previously reported.
The hires complement a slate of editorial appointments recently made in November and April, including new editors in chief of Autosport and Motorsport, and a new head of content across the portfolio. The Motorsport Network includes the brands Motorsport, Autosport, InsideEVs and RideApart, as well as the Autosport Awards and Motorsport.tv.
The company is also launching a new B2B product called Autosport Business. The vertical will serve a business readership, including marketers, that aim to better navigate the expanding motorsports industry.
“The team is in growth mode, investing in the brand and in people,” said Jack Essig, the new president of media and partnerships at Motorsport Network. “We are taking ownership of everything going on in motorsport, which has a global fan base that is now blossoming in the U.S.”
The 300-person company, which has offices in New York, Rome and London, declined to say whether it was profitable or offer specifics on the size of its business.
It generates more than half of its revenue from advertising, although it hopes the new B2B offering could help grow that segment to 65% of its overall revenue by the end of 2025, according to Essig. The remainder of its revenue comes from a mix of subscriptions, licensing and sponsorship, and it plans to launch an affiliate business in the fourth quarter.
The investment in Motorsport Network reflects a number of dovetailing trends in the media space. First, surging consumer interest in auto and motorsports has prompted an uptick in media coverage of the sector.
The expansion efforts also reflect the growing prominence of live sports in the connected television ecosystem. The natural scarcity of sports, combined with the up-market nature of leagues like Formula 1, have made them appealing vehicles for luxury brands looking to reach affluent audiences.